Have Egg cottoned on to my stoozing?

Jetlagged_2

Has this happened to anyone else?

2 recent BTs to my current account have gone through OK, within 1 day of my request.

I now have another BT to go through - the money is sitting on my Egg card now.

I asked for this BT 4 days ago, and nothing has happened yet. I know they say allow 7 days, but the other 2 went through within 1 day.

Now I am wondering - have they cottoned on to my stoozing? Or do they think I am some kind of money launderer?? :-/

I daren't phone or e-mail them in case they start asking questions, and perhaps I draw attention to myself when there isn't a problem anyway?

Help, what shall I do??

svmitche

I wouldn't panic until their maximum period has elapsed. It may just be the time of year, their company must be very busy what with christmas spending/problems.

If after this time it has not gone through then don't be afraid to call them. There is no way they can cotton on to the fact that you as an individual are stoozing. It's none of their business what you do with your balance transfer money as soon as it leaves their card. If they ask, and you feel duty-bound to give them an answer tell them that you are paying off a series of small loans or something.

bethyblue612

Had a minor panic myself yesterday - having put my Egg into credit on Friday and then SBT'd it into my current account, I got home to find messages from both Egg AND my bank asking me to call them.

I decided to leave it until this morning, and thought up a couple of vaguely plausible reasons for transferring a big credit balance.

You guessed it, I was worrying unnecessarily - Egg just wanted to confirm the amount as it was "rather large" and my bank were phoning about something else altogether. No excuses needed at all

Shinds

Egg can sometimes take upto 5 or 6 working days to process a BT.

But I've noticed that when they are SBT'ing into your current account, this usually goes through within 3 working days - just like a normal BACS transfer.

I hate the way banks take so long to transfer funds - They're probably making lots of money on our money, while it's in transit >:(

mephisto_2

They do! >:(

Saw it on a program that they use the 3 days clearing time to put it into shares or something to get loads of money. Think of all the money they have from people for 3 days!!!

In another country (sweden/finland - something in this area) they have instant transfers through all banks and any bank that doesnt offer this cant compete with the competition. The government had a big winge at the banks to change the 3 day clearing date to instant.

Why cant that happen here???

Rafter

You can't have your cake and eat it!!!!!

The interest on those 3 days (and the low interest rates on current account) mean you get free banking.

All those ATM machines, cheques, branches, internet sites, statements etc aren't free to produce you know.

I'd like to complain too. I think it is really unfair that Egg are lending me £15,000 for 5 months and don't want to charge me interest. That really is outrageous!

R.

stuwilky

You can't have your cake and eat it!!!!!

The interest on those 3 days (and the low interest rates on current account) mean you get free banking.

All those ATM machines, cheques, branches, internet sites, statements etc aren't free to produce you know.

I'd like to complain too. I think it is really unfair that Egg are lending me £15,000 for 5 months and don't want to charge me interest. That really is outrageous!

R.

With the utmost respect, banks make hundreds of millions of pounds profit, interest charges making the bulk of their money. The technology exists for them to make same day transfers, they choose not to implement/use it.

deemy2004

You can't have your cake and eat it!!!!!

The interest on those 3 days (and the low interest rates on current account) mean you get free banking.

All those ATM machines,  cheques,  branches,  internet sites,  statements etc aren't free to produce you know.

I'd like to complain too.  I think it is really unfair that Egg are lending me £15,000 for 5 months and don't want to charge me interest.  That really is outrageous!

R.

Save the EGG campaign

Banks - excluding (egg) make an absolute fortune from their clients. Billions and billions and billions and billions.

All were gettign back are a few small peanuts.

Now as for EGG !, Ahem, don't buy shares in Egg

Walletwatch

You can't have your cake and eat it!!!!!

The interest on those 3 days (and the low interest rates on current account) mean you get free banking.

All those ATM machines,  cheques,  branches,  internet sites,  statements etc aren't free to produce you know.

I'd like to complain too.  I think it is really unfair that Egg are lending me £15,000 for 5 months and don't want to charge me interest.  That really is outrageous!

R.

With due respect, banks all over the world offer free ATMs, debit cards, etc. In fact, having done a stint in retail banking as branch manager for a year plus, I can tell you that it is in a Bank's interest to encourage you to use ATMs and debit cards more and more, instead of using cheques and branch access, as the former involve just a one-time investment and some low maintenance cost, while the latter (employing branch staff, and back-office processing guys) involves loads of expenses on an ongoing basis.

To be honest, we used to get our KRAs for the year in terms of no. of FTEs (Full Time Employees) to be cut department-wise for the year !!!

Inspite of this, a country like India banks high-value cheques (value greater than INR 100,000 or £ 1200) the same day, and low value cheques next day. Suffices to say, every bank there is better than an egg when it comes to transit of your funds !!!

But then, they are yet to introduce 0% offers on credit cards, so no stoozing opportunities there  ;)

realaledrinker

Going futher off-topic, the banks in the biggest economy in the world, the US, charge $1.50 or so per ATM withdrawal.

Also, there is another cost of providing an ATM network, the interchange fee. Banks pay 30p for every time one of their customers withdraws cash from another bank's Link machine and 20p for a balance enquiry. This costs the Big 4, who have a high customer:ATM ratio, £millions a year in total. Other financial services organisations, with a low customer:ATM ratio, like the building societies, make £millions from the fees.

No wonder Nationwide are campaigning to keep the present "free" arrangements.

MarkyMarkD

Interesting posts - Rafter could have been me, saying exactly the same words

But as for the previous post, the facts are OK but the logic isn't. Nationwide aren't campaigning for their own ATMs to be free - they are campaigning for other banks' ATMs to be free. The consequence of that for them (in the short term) is that their customers will be more likely to use other banks' (previously charging) ATMs and Nationwide will have to pay the interchange fee.

In the long term, of course, the previously charging ATMs will just get removed, and Nationwide's ATMs will form a larger percentage of the total population - so they will save a few pennies maybe. But surcharging machines DON'T get interchange fee income - so they actually save Nationwide money right now.